PayTm projected to add $500 Million in their e-wallet in 2016
Vijay Shekhar Sharma founder of PayTm expects to add approximately $500 Million in their e-wallets likely to register tenfold increase over this year.
As the current year is about to end, companies are projecting growth and revealing plans for next year. Recently, the leading mobile wallet leading company in India has projected to add about $500 million in their wallet in 2016. Cashback incentives offered by the company to its customers on e-commerce transactions are not included in this anticipated amount of $500 Million.
As the e-wallet becoming mainstream in India. Currently, about 35 Million customers actively use PayTm at least once a month. The latest statistics shows, PayTm has over 100 million registered users and carry 75 million transactions every month.
PayTm offers cashback incentive program, through which a percentage or a fixed amount is credited into the respective customers account; the objective of this program is to encourage users to use wallet.
PayTM wallet is accepted by over 80 thousand merchants and the company plans to reach 10 million merchants by 2016 end. The founder expects the startup ecosystem to grow and startups that offer loans, insurance, and similar products built on the top of wallets next year, thereby competing with credit card –following the prevailing trend in China.
To ensure the frequent use of their e-wallets and to push wallet payments, PayTm has partnered with 80 thousand merchants and the company is planning to reach 10 million merchants in 2016.
PayTm has recently partnered with e-catering services of IRCTC to offer a payment option for travelers.
Paytm has received a payment bank license from Reserve Bank of India. Payment bank can take deposits, dispense payments to recipients, convey remittances. The payment banks are useful for migrant workforce especially who wants to send money to their homes.
According to TechSci Research, the recently devised strategy by PayTm will help it to achieve the projected amount of $500 Million. The company currently compete with Freecharge, Airtel Money, PayU, Mobikwik in the mobile wallet space; though PayTm is taking leaps and bound steps to stay ahead of the market and competition.
The recent report by TechSci Research on mobile wallet, “India Mobile Wallet Market Forecast and Opportunities, 2020” discuss that the mobile wallet or e-wallet players are taking advantage of current smartphone penetration and growing adoption of mobile internet by Indian consumer along with the shift in mindset of Indian consumer to trust mobile wallet providers and the system.